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How to report capital gain account money utilised for buying a new house?

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Suyog Penkar

1 Points Posted on 24 December 2021

In the financial year 2018-19 I have sold one house and deposited the capital gain into Capital Gain Account Scheme. In the financial year 2020-21 I bought a new house by utlising the balance in CASS Account. I had filled up a form for withdrawal and the bank disbursed the amount directly to the seller.

My question is do I require to show this transaction in Income Tax Return? and where to show it in Capital Gain Schedule?

Replies (2)

Quick Summary

This discussion clarifies how to report the utilisation of funds from a Capital Gains Account Scheme (CASS) for purchasing a new house. While one user suggests it doesn't need to be declared in the Income Tax Return (ITR), another user corrects this, stating it must be reported in the ITR, specifically within the Capital Gains Schedule. It's advised to keep bank passbooks and sale deeds handy for potential future queries.